Power-to-gas technology facilitates the conversion of renewable electricity into hydrogen or methane gas that can be stored and distributed through the existing natural gas infrastructure. Power-to-gas systems allow surplus renewable energy to be stored for later use, enhancing the viability and flexibility of renewable resources. The global power-to-gas market is estimated to be valued at US$ 39.13 Bn in 2024 and is expected to exhibit a CAGR of 15% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The integration of natural gas networks with power-to-gas technology is one of the primary drivers of market growth over the forecast period. Natural gas infrastructures can help store and transport hydrogen or synthetic methane produced from renewable power-to-gas systems. Countries worldwide are undertaking projects to develop hydrogen-ready natural gas networks and blend hydrogen with natural gas to leverage the flexibility and scale of the existing pipeline system. For instance, projects in Germany, France and Australia aim to repurpose sections of the natural gas grid to become "hydrogen-ready" or enable blending of up to 20% hydrogen. Such initiatives are expected to significantly boost adoption of power-to-gas systems and facilitate large-scale deployment of renewable energy.
Segment Analysis
The global power-to-gas market size is dominated by the hydrogen generation sub-segment. This sub-segment accounts for over 40% of the total market share due to the rising adoption of hydrogen-based technologies in transportation, energy storage, and industrial applications. Hydrogen generated through the power-to-gas process acts as an enabler for decarbonization across various end-use industries.
Key Takeaways
The global power-to-gas market is expected to witness high growth over the forecast period from 2024 to 2031.
Regional analysis shows that Asia Pacific region accounts for the largest share currently due to the presence of countries like China, Japan, and South Korea that are widely investing in green energy technologies. The Asia Pacific region is expected to maintain its dominant position over the forecast period owing to rapid industrialization and growing efforts towards energy transition in the region.
Key players operating in the power-to-gas market are Codexis Inc., Abzena, Ltd., Enantis s.r.o, GenScript Biotech Corp., Waters Corporation, PerkinElmer, Inc., Bruker Corporation, Agilent Technologies, Bio-Rad Laboratories Inc., and Thermo Fisher Scientific Inc., among others.
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